QInvest sells ABEC stake to London-listed ITE

QInvest has sold its stake in Asian Business Exhibitions and Conferences (ABEC), India’s leading trade exhibition organiser, to ITE, the London-listed global trade exhibition organiser focused on emerging markets.

“QInvest’s successful realisation of its investment in ABEC shows the firm’s capability in private equity and its ability to manage and profitably exit investments in a difficult economic environment,” according to Tamim Hamad al-Kawari, QInvest’s newly appointed CEO.

Franco Danesi, QInvest’s representative on ABEC’s board, said ABEC has been a great investment for QInvest, and their continuing success by facilitating a strategic tie-up with ITE will surely strengthen ABEC’s capabilities by providing global reach and best practices.

“QInvest has been a great partner for ABEC and helped us tremendously in building the foundations for our next phase of growth. We are delighted to be working with a great partner such as ITE, who shares with us a strong belief on India’s prospects in our industry,” S M Gandhi, ABEC’s chairman, said.

ABEC runs 19 exhibitions across 11 vertical markets including architecture, design, construction, education, lifestyle, real estate and oil & gas.

Characterised by strong local management and with 2012 revenue about $20mn, ABEC’s 8% market share makes it India’s largest exhibition organiser. ABEC’s portfolio of events is complementary to ITE’s existing exhibition interests in India and the two businesses shall be run concurrently.

 AUB sues Ahlibank Qatar on stake hike

Ahli United Bank, the strategic and managing partner, has filed a lawsuit against Ahlibank Qatar in relation to the latter’s recent capital increase.

AUB filed the suit against the Qatar’s bank in appeal of the decisions issued by the Qatar Central Bank and the Ministry of Business and Trade, prohibiting it from subscribing to the capital increase pursuant to provisions of the law stipulating that foreign ownership for listed companies at Qatar Exchange should not exceed 25%, said a bourse communiqué.

It is worth mentioning that the percentage owned by Ahli United Bank is higher than the limit set by the law and accordingly, the bank shall not be entitled to subscribe to the capital increase, the communiqué said.

Recently, Bahrain’s largest lender AUB said it will sell all but 1,000 of its 37.4mn shares in the Qatari firm.